Budget 2018 contains a welcome focus on housing

Tuesday, 10 October 2017
-New Home Building Finance Ireland fund should help delivery of homes

-Additional funding for housing infrastructure positive

-Pleased to see the retention of Help to Buy Scheme

-Absence of a range of measures to support the supply of rented accommodation disappointing

Property Industry Ireland (PII), the Ibec group for businesses working in the property sector, said that while today’s Budget focus on housing is welcome, further steps could have been taken help the viability of homebuilding.

PII Director, Dr. David Duffy stated: "The commitment to increase spending on housing infrastructure and the establishment of the Home Building Finance Ireland should stimulate some additional supply.”

PII had urged Government to retain the Help-to-Buy scheme. The decision to leave it unchanged in today’s Budget will help bring certainty to the new homes market.

“Viability remains a key constraint. We feel that the Budget missed the opportunity to implement measures to improve the viability of homebuilding, for example a reduction in the VAT rate for construction.

“While PII welcomes the announcement of initiatives to promote apartment development by Minister Eoghan Murphy, in particular on height and car parking, it is very disappointing that today’s Budget did not include a range of measures aimed at the private rented sector. The census shows that the numbers living in rented accommodation continues to increase.”